Hut 8 (TSE:HUT) Stock Price Up 11% – Time to Buy?

Hut 8 Corp. (TSE:HUT) shares rose 11% during mid-day trading on Wednesday . The stock traded as high as C$73.03 and last traded at C$72.24. Approximately 369,055 shares were traded during trading, a decline of 70% from the average daily volume of 1,213,275 shares. The stock had previously closed at C$65.10.

Analyst Upgrades and Downgrades

HUT has been the topic of several research reports. Keefe, Bruyette & Woods raised shares of Hut 8 to a “moderate buy” rating in a research note on Tuesday, January 27th. HC Wainwright upgraded shares of Hut 8 to a “strong-buy” rating in a report on Monday, February 2nd. Eight analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Strong Buy”.

Hut 8 Price Performance

The stock has a 50-day simple moving average of C$75.65 and a 200 day simple moving average of C$61.66. The company has a market cap of C$8.03 billion, a PE ratio of -33.83 and a beta of 4.58. The company has a quick ratio of 1.26, a current ratio of 1.09 and a debt-to-equity ratio of 31.34.

About Hut 8

Hut 8 Mining Corp is North America’s innovation-focused digital asset miner. Located in energy-rich Alberta, Canada. Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined bitcoin than any crypto miner or publicly-traded company globally. It is executing on its commitment to mining and holding bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of bitcoin’s market direction.